Bitcoin and Ethereum liquidations hit $70m as ETH breaks below $3,000

Key Takeaways

How much has been liquidated across Bitcoin and Ethereum positions?

Bitcoin recorded $18.2 million in liquidations while Ethereum faced $50.7 million in aggregate liquidations, with the majority representing long positions.

Did Ethereum break below the $3,000 psychological level?

Yes. Ethereum briefly traded below $3,000 on 17 November, marking a significant breakdown of this key support level.

Bitcoin and Ethereum experienced significant liquidation events as both cryptocurrencies extended their corrections on 17 November. 

The selloff pushed Ethereum below the critical $3,000 threshold while Bitcoin tested support near $92,000, triggering cascading liquidations across leveraged positions.

Ethereum cracks key support level

Ethereum briefly broke below $3,000 during today’s trading session, currently hovering at $3,019 after a 2.36% daily decline. 

The breach of this psychological barrier triggered $50.7 million in liquidations, according to Coinalyze data with short positions accounting for the bulk of forced closures.

Volume profile data reveals Ethereum’s current price sits well below major resistance zones.

The heaviest trading activity occurred between $4,000 and $4,400, creating a substantial supply wall that could impede recovery attempts. 

Immediate resistance appears at $3,800, with support currently being tested at the $3,000 level.

The Relative Strength Index stands at 31.09, indicating deeply oversold conditions. 

Ethereum has declined approximately 37% from its October peak near $4,800, with persistent selling pressure throughout November contributing to the breakdown.

Bitcoin tests $92,000 support

Bitcoin trades at $92,071, down 2.24% on the day, after facing $18.2 million in liquidations, according to Coinalyze data.

The flagship cryptocurrency has shed roughly 27% from its October high of around $127,500, struggling to establish support above $90,000.

Technical indicators signal extreme oversold conditions. Bitcoin’s RSI dropped to 28.77, the lowest reading in the recent correction. 

Volume profile analysis reveals significant resistance between $110,000 and $112,000, where heavy trading activity has previously occurred. This cluster represents a major hurdle for any recovery attempt.

The current price action sits below all major support zones identified through volume analysis. The $104,000 level, which previously provided support, now acts as immediate resistance. 

Bitcoin would need to reclaim $100,000 to shift near-term sentiment, though the path faces substantial overhead supply.

Market dynamics and liquidation cascade

The coordinated decline across both assets suggests broader market deleveraging rather than asset-specific weakness. 

Aggregated liquidation data from Coinalyze confirms sustained selling pressure, with red bars dominating the liquidation charts throughout the correction period.

Long positions bore the brunt of liquidations as overleveraged traders faced margin calls during the swift decline.

The October period showed even larger liquidation events, particularly for Ethereum, which experienced an $800 million spike during that selloff.

Current oversold conditions on both RSI indicators suggest potential for near-term bounce attempts.

However, volume profile resistance zones indicate that any recovery faces significant technical obstacles. 

Traders monitor whether support holds at current levels or if further capitulation drives prices lower toward $88,000 for Bitcoin and $2,800 for Ethereum.